Uzbekistan’s state budget deficit nears $2.6bn in 1H23

By Muzaffar Ismailov in Tashkent August 8, 2023

Uzbekistan’s state budget deficit neared UZS 30 trillion ($2.6bn) in 1H23, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov said on August 4.

Budget revenues amounted to $8.55bn (up 8% y/y), with $6.5bn sourced from taxes and $2.05bn from customs revenues. Expenditures were $11.1bn, up by more than a quarter year on year.

GDP in the reporting period amounted to $40.3bn.

Legislation in Uzbekistan determines that the state budget deficit should not exceed 3% of GDP. Nevertheless, in the first six months, the budget deficit to GDP was 6.17%.

In the period, the country also managed to raise $7.4bn of FDI. By the year-end, state budget revenues are expected to reach $19.9bn.

Chairman of the central bank Mamarizo Nurmuratov partly linked the increase in budget expenditures with higher gas imports, given that the difference between the world gas price and the domestic price is paid for by the state. According to the national statistical committee, Uzbekistan in the reporting period imported $200mn of natural gas.

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